Business
Launch of Greater Perth Area farm-out
Launch of Greater Perth Area farm-out.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \n \n 29 July 2022\n \n \n \n \n \n The Parkmead Group plc\n \n \n (\"Parkmead\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n Launch of Greater Perth Area farm-out\n \n \n \n Parkmead, the independent energy group, provides the following update on its interest in the Greater Perth Area.\n \n \n \n \n \n \n Greater Perth Area farm-out process\n \n \n \n \n \n \n Parkmead is pleased to announce that it has engaged a leading energy corporate finance advisory firm, Gneiss Energy Limited, to manage the process to find a suitable partner (or partners) in relation to the Company's 100% interest in the Greater Perth Area (\"GPA\") development project.\n \n \n The core Perth field holds approximately 55 million barrels of recoverable oil equivalent (\"MMBoe\") on a most likely, P50 basis. The wider GPA project has the potential to deliver between 75 and 130 MMBoe on a P50 basis and could provide material value-adding volumes to surrounding infrastructure through field life extension.\n \n \n GPA is one of the North Sea's largest undeveloped oil projects and has been fully appraised, so no further appraisal drilling is needed. The constituent fields have been flow tested at rates of up to 6,000 barrels of oil per day and have produced good quality, light crude oil of between 37° and 32° API.\n \n \n Parkmead has had recent dialogue on commercial terms with the nearby Scott field partnership for the potential tie-back of the GPA project to Scott. Scott lies just 6 miles southeast of the GPA project and a tie-back could yield a number of mutually beneficial advantages for both the Scott partnership and the Perth owners.\n \n \n Transportation studies for the base case GPA development concept have been completed. These have confirmed there are no technical issues that would prevent the transportation and processing of fluids from the Perth producing wells, all the way through the offshore infrastructure to the onshore facilities. Parkmead continues to engage with leading supply chain companies in order to maximise the production of oil, and is in the process of initiating a net zero study to meet regulatory requirements.\n \n \n Following the excellent progress to date, Parkmead is now in a position to launch this farm-out process to seek an industry partner (or partners) for the GPA Project. \n \n \n The Board ...